The Tax Collection at Source Rates for the Financial Year 2011-12 is tabulated below: Sl.No. Nature of Goods Rates in % 1. Alcoholic liquor for human Consumption 1 2. Tendu leaves 5 3. Timber obtained under forest lease 2.5 4. Timber obtained by any mode other than a forest lease 2.5 5. Any other forest […]
Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before submission. The Pen Drive / CD may contain details of multiple e-TDS/TCS statements. The computer media (CD/Pen […]
As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. For more details on […]